CIBC Asset Management Inc Has $2.66 Million Position in Targa Resources Corp. (NYSE:TRGP)

CIBC Asset Management Inc lowered its stake in Targa Resources Corp. (NYSE:TRGPFree Report) by 4.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,612 shares of the pipeline company’s stock after selling 1,481 shares during the period. CIBC Asset Management Inc’s holdings in Targa Resources were worth $2,659,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Addison Advisors LLC bought a new position in Targa Resources in the fourth quarter valued at approximately $27,000. VisionPoint Advisory Group LLC boosted its stake in Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 209 shares during the last quarter. EdgeRock Capital LLC bought a new position in Targa Resources in the fourth quarter valued at approximately $42,000. Rational Advisors LLC bought a new position in Targa Resources in the third quarter valued at approximately $43,000. Finally, Delos Wealth Advisors LLC bought a new position in Targa Resources in the fourth quarter valued at approximately $43,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on TRGP shares. Barclays raised their price objective on shares of Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. JPMorgan Chase & Co. lifted their price target on shares of Targa Resources from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Citigroup lifted their price target on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Finally, Stifel Nicolaus lifted their price target on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and a consensus target price of $122.75.

View Our Latest Research Report on Targa Resources

Targa Resources Price Performance

Shares of TRGP stock opened at $117.98 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. Targa Resources Corp. has a 1 year low of $69.44 and a 1 year high of $119.68. The firm’s fifty day moving average price is $114.99 and its two-hundred day moving average price is $100.02. The firm has a market capitalization of $26.16 billion, a P/E ratio of 24.28, a PEG ratio of 0.69 and a beta of 2.21.

Targa Resources (NYSE:TRGPGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.28 billion. On average, equities analysts predict that Targa Resources Corp. will post 5.33 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were paid a $0.75 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend was Monday, April 29th. Targa Resources’s payout ratio is presently 61.73%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total value of $787,780.00. Following the sale, the director now directly owns 95,471 shares in the company, valued at approximately $10,744,306.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Charles R. Crisp sold 7,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the transaction, the director now directly owns 95,471 shares in the company, valued at approximately $10,744,306.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 2,691 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total transaction of $304,083.00. Following the transaction, the chief accounting officer now owns 57,228 shares in the company, valued at $6,466,764. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,691 shares of company stock worth $3,693,763. Insiders own 1.39% of the company’s stock.

About Targa Resources

(Free Report)

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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